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JAKARTA: Singapore’s government investment vehicle has increased its ownership in publicly listed PT Bank Tabungan Negara (BTN), which is due to launch its rights shares later this year.

According to the bank’s document on the composition of shares ownership submitted to the Indonesia Stock Exchange (IDX) on Friday, the Government of Singapore Investment Corporation (GIC) held a 5.11 percent stake in June, up from 5 percent the previous month.

Indonesia’s State-Owned Enterprises Ministry still holds the largest share of the bank with a 71.85 percent stake in BTN, decreasing by 0.03 percent from the previous month’s record.

BTN president director, Iqbal Latanro, told The Jakarta Post on Saturday that, while the bank was planning to launch a rights issue within the next few months, it would not automatically increase the GIC’s shares in BTN.

“I don’t think GIC’s share ownership will increase further with the rights issue, because I am sure all existing holders will exercise their right to purchase,” he said.

BTN had earlier said that the rights issue, which will be carried out in the second half of the year, would be about 10 to 11.9 percent of BTN’s enlarged capital. The bank expects to raise at least Rp 2.1 trillion (US$222.6 million) from the offering.